Overview of 33 Licensed Web3 Institutions in Singapore:
The Monetary Authority of Singapore (MAS) has officially issued 33 ‘Digital Payment Token Service’ (DTSP) licenses to date.
Among these 33, the only stablecoin is Circle-USDC. It is expected that the offshore-oriented USDT will not apply for this license in Singapore, considering that USDT has yet to obtain a license in the United States. USD1 is even further away.
On August 1, Hong Kong's ‘Stablecoin Ordinance’ officially came into effect, allowing the Hong Kong Monetary Authority to accept applications for stablecoin issuance licenses from this day forward.
After the implementation of the ‘Stablecoin Ordinance,’ there will be a 6-month transition period during which the Monetary Authority will classify existing issuing institutions:
• Those meeting regulatory requirements: may obtain a temporary license;
• Those failing to meet standards within 3 months: must cease operations within 4 months;
USDT/USDC/USD1 have not yet obtained a Hong Kong license. In the coming months, they will need to apply for a license in Hong Kong and meet compliance requirements to continue operations. Otherwise, they will need to cease operations in Hong Kong within 4 months. Furthermore, exchanges in Hong Kong that have licenses will not be able to list USDT/USDC/USD1 stablecoins, and users on those exchanges will not be able to convert their holdings of USDT/USDC/USD1 into Hong Kong dollars.
If USDT/USDC/USD1 do not apply for a Hong Kong license in the coming months, it will be quite embarrassing...
USDC is likely willing to bear the cost to obtain a Hong Kong license, but it’s hard to say for others...
